National Oilwell Varco (NYSE:NOV) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 34,480,357 shares, a decline of 8.1% from the October 14th total of 37,539,212 shares. Currently, 9.2% of the shares of the stock are sold short. Based on an average daily volume of 4,631,890 shares, the days-to-cover ratio is currently 7.4 days.

Several institutional investors have recently made changes to their positions in NOV. Quadrant Capital Group LLC boosted its position in shares of National Oilwell Varco by 13.6% in the second quarter. Quadrant Capital Group LLC now owns 3,126 shares of the oil and gas exploration company’s stock worth $101,000 after buying an additional 375 shares during the period. TCI Wealth Advisors Inc. boosted its position in shares of National Oilwell Varco by 1,441.6% in the third quarter. TCI Wealth Advisors Inc. now owns 2,744 shares of the oil and gas exploration company’s stock worth $101,000 after buying an additional 2,566 shares during the period. New York Life Trust Co. boosted its position in shares of National Oilwell Varco by 608.8% in the third quarter. New York Life Trust Co. now owns 2,906 shares of the oil and gas exploration company’s stock worth $107,000 after buying an additional 2,496 shares during the period. Chicago Partners Investment Group LLC bought a new position in shares of National Oilwell Varco during the third quarter worth approximately $107,000. Finally, Global X Management Co. LLC boosted its position in shares of National Oilwell Varco by 94.0% in the third quarter. Global X Management Co. LLC now owns 3,384 shares of the oil and gas exploration company’s stock worth $124,000 after buying an additional 1,640 shares during the period. Hedge funds and other institutional investors own 93.35% of the company’s stock.

Shares of National Oilwell Varco (NYSE:NOV) opened at 35.21 on Friday. The stock’s market capitalization is $13.30 billion. National Oilwell Varco has a 1-year low of $25.74 and a 1-year high of $38.89. The stock has a 50 day moving average price of $35.12 and a 200-day moving average price of $33.88.

National Oilwell Varco (NYSE:NOV) last announced its earnings results on Thursday, October 27th. The oil and gas exploration company reported ($0.34) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.28) by $0.06. The company earned $1.65 billion during the quarter, compared to analysts’ expectations of $1.68 billion. National Oilwell Varco had a negative return on equity of 0.71% and a negative net margin of 38.90%. National Oilwell Varco’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 EPS. On average, analysts forecast that National Oilwell Varco will post ($1.00) earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date is Wednesday, November 30th. National Oilwell Varco’s dividend payout ratio (DPR) is -2.33%.

NOV has been the subject of several recent analyst reports. Johnson Rice raised National Oilwell Varco from a “hold” rating to an “accumulate” rating in a report on Friday, July 29th. BMO Capital Markets reissued a “sell” rating and set a $25.00 price objective on shares of National Oilwell Varco in a report on Friday, July 29th. Credit Suisse Group AG reaffirmed a “sell” rating and issued a $23.00 target price on shares of National Oilwell Varco in a research note on Friday, July 29th. Jefferies Group reaffirmed a “hold” rating and issued a $32.00 target price on shares of National Oilwell Varco in a research note on Monday, August 1st. Finally, Nomura set a $29.00 target price on National Oilwell Varco and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Three equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and seven have given a buy rating to the company. National Oilwell Varco presently has an average rating of “Hold” and an average price target of $34.67.

About National Oilwell Varco

National Oilwell Varco, Inc (NOV) is engaged in providing design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations. The Company operates through four segments: Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore; Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services, and Completion & Production Solutions, which provides technologies for well completions and oil and gas production.

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